Aether Industries IPO was 33% subscribed on day one
New Delhi:
On Tuesday, 33 percent was subscribed to the first share sale of specialty chemicals company Aether Industries.
Aether’s initial public offering (IPO) received bids for 30,41,635 shares against 93,56,193 shares being tendered, according to NSE data.
The portion for private retail investors (RIIs) was subscribed for 42 percent, while qualified institutional buyers (QIBs) subscribed for 36 percent and for non-institutional investors 5 percent.
The IPO has a new issue of up to Rs 627 crore and an offer to sell up to 28,0,000 shares.
The price range for the offer is Rs 610-642 per share.
On Monday, Aether Industries said it has raised just over Rs 240 crore from anchor investors ahead of its first share sale.
Proceeds from the new issuance will be used to fund capital expenditures for a proposed new project in Surat, Gujarat, finance working capital requirements and pay debt.
Aether Industries is a specialty chemicals manufacturer in India focused on the production of advanced intermediates and specialty chemicals with complex and differentiated core chemistry and technology competencies.
HDFC Bank and Kotak Mahindra Capital Company are the managers of the offering.
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